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NewsMIDF Research starts coverage on Barjaya Auto, target RM4.70
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MIDF Research starts coverage on Barjaya Auto, target RM4.70
by Cals Mon 23 Mar 2015, 23:02
MIDF Research starts coverage on Barjaya Auto, target RM4.70
By TheEdge Markets.com / theedgemarkets.com | March 23, 2015 : 9:33 AM MYT
KUALA LUMPUR (March 23): [size=14]MIDF Research has initiated coverage on Berjaya Auto Bhd (BAuto) at RM3.74 with a “buy’ rating and target price of RM4.70 and said this implied an FY15 PER of 16.9x and 7.2x PBV before easing to 14.8x FY16 PER and 5.7x PBV
In a note Monday, the research house said it liked BAuto for its asset-light business model which translates into efficient capital structure, good earnings quality and strong earnings growth
“Going forward, we expect Mazda’s vehicle sales to increase to over 15,000 units in FY15 and over 18,000 units in FY16 driven by new model launches and introduction of CKD models
“We expect BAuto’s earnings to grow at 40.5% CAGR over FY14 to FY16.
“Apart from stronger sales, we also expect the Yen to remain at favourable level,” it said.
[/size]
By TheEdge Markets.com / theedgemarkets.com | March 23, 2015 : 9:33 AM MYT
KUALA LUMPUR (March 23): [size=14]MIDF Research has initiated coverage on Berjaya Auto Bhd (BAuto) at RM3.74 with a “buy’ rating and target price of RM4.70 and said this implied an FY15 PER of 16.9x and 7.2x PBV before easing to 14.8x FY16 PER and 5.7x PBV
In a note Monday, the research house said it liked BAuto for its asset-light business model which translates into efficient capital structure, good earnings quality and strong earnings growth
“Going forward, we expect Mazda’s vehicle sales to increase to over 15,000 units in FY15 and over 18,000 units in FY16 driven by new model launches and introduction of CKD models
“We expect BAuto’s earnings to grow at 40.5% CAGR over FY14 to FY16.
“Apart from stronger sales, we also expect the Yen to remain at favourable level,” it said.
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